Power Transformer, an effective energy solution for smart grid technology, to witness a CAGR of 7.71% during 2017-2023
NEW YORK, Sept. 14, 2018 (GLOBE NEWSWIRE) -- The global power transformers market was valued at USD 22,390.5 million in 2016, and is expected to reach USD 37,622.8 million by 2023, growing at a CAGR of 7.7% from 2017 to 2023. The key factors driving the growth of the global power transformers market are accelerating demand for smart grids, development of transmission and distribution networks and increasing cross country electricity trade. Governments are taking initiatives by spending huge installation and logistics costs on replacing old power transformers, with the focus of meeting ever-growing electricity demands. The trend to deploy power transformers in lucrative regions coupled with a need to establish better and effective transmission networks will increase the business opportunity for the power transformers market.
In 2016, the Oil-cooled power transformer sector held the major market share of the global power transformers market in the cooling type segment. Additionally, the liquid immersed transformer is the largest sector in the insulation type segment of the power transformers market. In the rating segment, small power transformers dominated the global power transformer market by holding the majority of market share. In the end-user segment, the industrial sector dominates the global power transformers market.
The key players in the global power transformer market are Siemens AG, Crompton Greaves Limited, ABB Ltd. General Electric Company, Alstom SA, Mitsubishi Electric Corporation, Toshiba Corporation, Bharat Heavy Electricals Limited, Hyosung Group, SPX Transformer Solutions, Inc.
Key findings of the Global Transformer Market report:
The global power transformer market is expected to reach USD 37,622.8 million by 2023
Small power transformers are expected to hold the major share of the power transformer market during the forecast period
On the basis of cooling type, oil cooled transformers are expected to hold the major share of the global power transformer market
Players such as Siemens AG are continuously innovating new technology to build transformers with high optimization for weight and dimension to solve wear and tear problems and modernizing the power infrastructure.
Power Transformer providing thrust to green energy
High electricity demand, widening of transmission networks and replacement of old units are the major driving factors for the growth of the global power transformer market. Additionally, the renewable energy generation is increasing across the globe and further rise is expected with the world moving towards green energy generation, creating an opportunity for solar and wind energy power plants. Increase in utilization of renewable and non-renewable energy resources fuels the demand for power transformers. Rise in demand for integration of new power plants with transmission networks and the emphasis on green transformers is an opportunity to reduce carbon emission and create a pollution free environment in the near future.
Geographically, Asia-Pacific accounts for the major market share and is expected to hold the largest market share during the forecast period. The growth of the market in the region is governed by the increasing expenditure on the power infrastructure and mega scale projects in the Asia-Pacific region. Economies such as China and India provide boost to the market growth in the Asia-Pacific region. Upgrading electrical infrastructure coupled with rising economies of scale tends to drive the growth of the market in the region. Developing nations, such as Brazil and Middle-Eastern countries, are the key market for the growth of the power transformer.
In the U.S. and European region, replacement of aging grid infrastructure and large-scale integration of renewables are driving the global power transformers market.
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